PAI Partners and KIRKBI A/S agreed to acquire the majority stake in Armacell GmbH from The Blackstone Group Inc. (NYSE:BX) on December 4, 2019. Following the transaction, PAI Partners will become the majority shareholder of Armacell and KIRKBI will increase its stake in Armacell to a significant minority position. The transaction is subject to antitrust and regulatory approvals.

On January 8, 2020, the Federal Trade Commission (FTC) issued a nod to PAI Partners following the early expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act. The transaction is expected to close on February 29, 2020. Nomura Holdings, Inc. acted as financial advisor to PAI Partners.

Spencer Baylin and Simon Tinkler of Clifford Chance LLP acted as legal advisors to Armacell GmbH, KIRKBI A/S and The Blackstone Group Inc. Dominik Stühler of Allen & Overy LLP acted as legal advisor to PAI Partners. Isabelle Cheradame, Adrien Badelon and Jérôme Commerçon of Scotto Partners acted as legal advisors to Armacell GmbH. Rothschild & Co acted as financial advisor to Blackstone and Armacell.

Tim Wright of DLA Piper acted as legal advisor and Lazard Ltd acted as financial advisor for KIRKBI A/S in the transaction.